Need to understand what a 401(k) is or how to view your Guideline 401(k) details from Gusto? You're in the right place.
401(k) is a tax-deferred savings plan for retirement. Contributions are deducted from an employee's gross pay and put into a 401(k) account. The maximum contribution an employee under 50 can make is $19,500 in 2021, and $20,500 in 2022. If the employee is over 50 they may make an additional catch-up contribution of $6,500.
In some plans, the employer may also contribute by matching up to a certain percent of the employee's contribution. The maximum contribution an employee under 50 can make is $19,500 in 2021, and $20,500 in 2022. If the employee is over 50 they may make an additional catch-up contribution of $6,500.
If you're enrolled in an integrated 401(k) plan through your company, you can view your plan details right from your Gusto account. If you have questions about your plan, reach out to your company administrator. If your company's 401(k) plan is not integrated with Gusto, you'll need to access your plan details directly from your 401(k) account.
You can update your contribution anytime directly from your 401(k) provider's account.